What will Caribbean politicians do about the tougher economic times ahead?
Earlier this month the International Monetary Fund (IMF) published its latest forecast for the world economy. It suggested that global economic recovery had suffered new setbacks, and the prospects for growth were clouded in uncertainty.
The institution’s gloomy assessment was based on evidence that growth levels in the world’s major economies remained too low to significantly reduce unemployment and increase demand; and in major emerging markets, such as China, Brazil and India, the outlook continued to weaken.
This is not good news for the Caribbean as its recovery mainly depends on two primary forces: the global impetus that will come from renewed growth in emerging economies and a return to prosperity in the region’s main tourism feeder markets of Europe and North America.